A world awash in too much liquidity . . . eventually no one has any clue what to do with it.

FX:
CAD having issues with its April swing point? If so, it's the sort of thing that could make it go Loonie the other way.

GBP having a good day.

USD possibly setting up for a bounce continuation.

Treasuries:
Still a trend toward flattening, not good.

Also, yet more stuff you don't want to hear from Japan:

"10yr JGBs were lower amid an improvement in risk sentiment throughout the session, while today's 20yr auction later also failed to spur demand with the results mixed in which the accepted prices declined from prior."

Energy:
WTI crude down but trying to bounce, NG up but off early morning best levels.

Metals:
Red.

S&P Outlook:
The tech wreck is "over." It's now called "crash-lite." To me, it's just the return of a real market. One that expands and contracts like an actual person rather than an algorithmic imitation.

Did the tech wreck even start? Maybe a correction did. Hard to say. So far it feels like "surprising disappointment."

I do want to use a bounce to position for another probe lower in NDX, and be on guard for a possible new high in Dow, SPX, or RUT before lower prices.

Holding some remaining VIX 11 calls from last Thursday which I still think were a better deal than the NDX puts, even if the puts would have paid for my entire weekend up and back plus drinks for my entire class (small school, haha).

Current action feels like an ABC in NDX and perhaps a fake out in S&P, but either way, probably higher before lower.

Maybe a deep retracement in NDX to the 5800 level or perhaps even 5850.

SPX 2440 area could provide a juicy head and shoulders for everyone to get excited about.

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